It's the end of the year, people divest this time of year to pay for xmas.
The baby boomers are selling off precious metals because they cannot sell their houses to pull equity for retirement. This is the last year baby boomers are retiring but also the largest number of people retiring ever.
It's an election year, and even though it's over with our current president is a lame duck, meaning he is beholding to nobody this second term because he doesn't have to worry about re-election, he cannot be re-elected.
It's the end of the 2600 year cycle on the Mayan calendar, and odd as this might sound some people sold off gold because they thought it was the end of the world.
The average age people have liquid funds to purchase precious metals is 46, however there is a large percentage of those people who have lost their houses, and jobs, and are not liquid. And there are fewer and fewer people in the US at least, who are 46. We are actually on a population decline, fewer people are being born. We only have an increase in population because the baby boomers are still around.
Fact is if you haven't caught on already, there are so many different factors that we can point at and call out as the reasons for gold prices falling. Personally I believe the market is manipulated by those who can do so. And it's done for the simple reason of profit taking. Gold will go up again, and down again, and up again and continue to do so for the rest of our lives. However, the general trend is that gold continues to rise over the decades, and nothing has ever stopped it.
Scott
Bookmarks